Statutory and Non-Statutory Audit
Our affiliated partners will provide audit and assurance service for small and medium-size enterprises operating in Singapore.
One of our recommended audit firms, Edwin Tay & Co. has over 30 years of experience and is known to be reliable and trustworthy. We are proud to be able to work with them.
Statutory audit service
The directors of every Singapore Company must appoint an auditor within 3 months from the date of incorporation unless the company is audit exempted.
Financial years beginning on or before 01 Jul 2015. Your company qualifies for audit exemption if:
- Annual revenue not more than S$5 million
- Total number of shareholders not more than 20.
- All shareholders must be individuals. I.e. shareholder cannot be another company.
Financial years beginning on or after 01 Jul 2015. Small Company Concept for Audit Exemption:
Currently, a company is exempted from having its accounts audited if it is an exempt private company with annual revenue of $5 million or less. This approach is being replaced by a new small company concept which will determine exemption from statutory audit. Notably, a company no longer needs to be an exempt private company to be exempted from audit.
A company qualifies as a small company if:
(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
(i) total annual revenue ≤ $10m;
(ii) total assets ≤ $10m;
(iii) no. of employees ≤ 50.
For a company which is part of a group:
(a) the company must qualify as a small company; and
(b) entire group must be a “small group”
to qualify to the audit exemption.
For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.
Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if:
(a) it ceases to be a private company at any time during a financial year; or
(b) it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
We adopt an audit plan that is designed to provide reasonable assurance that the company’s accounting records and financial statements are presented fairly and not misrepresented. While we are your auditor, we can add value by helping you drive good corporate governance to improve controls, deter and detect material fraud and errors thus providing credibility to your financial report statements. We are also able to give advice on your company structure and operations that might help you become more efficient.
Nevertheless, our key role is to be the guardian of your shareholders' interests.
Non-Statutory audit service
Non Statutory audits for non-corporate entities such as partnerships, clubs, associations and charitable bodies and internal audits can drive better management control, proactive risk and compliance management, good corporate governance and continuous process improvements.